News updates December 27, 2021
1. Binance starts crypto financing services in Canada
Binance has obtained a crypto financing license from the Canadian regulators under which it has registered a domestic entity called Binance Canada Capital Market. The new subsidiary of the global crypto exchange will deal in digital assets, money transfers, and foreign exchange and act as a Money Service Business (MSB). The news was confirmed by CEO Changpeng Zhao himself, claiming it to be the “Boxing Day” for the firm in Canada.
2. UAE Outlines New Measures to Protect Crypto users
According to the UAE’s new online security laws, promoters of online Crypto scams will now face a possible five-year jail term plus a fine of up to $272,000. The new measures, which are set to take effect on January 2, 2022, are part of the government’s effort to protect internet users from electronic fraud and preserve personal privacy and rights.
3. South African Bank Processing Termination Procedures for Crypto Businesses
South African bank, Standard Bank, one of South Africa’s largest banks, has sent clients who offer automated cryptocurrency arbitrage notices terminating their accounts
In the cryptocurrency industry. Standard Bank’s criteria for deciding which accounts should be closed has been questioned by the recipients of the notices
Carel de Villiers is the co-founder and chief executive of Shiftly arbitrage trading company. He is quoted as questioning Standard Bank’s use of the formula. De Villiers acknowledges that Shiftly does not have an account with the bank. However, he suggests that it is interesting that Standard Bank, which rejected his request to open an account, maintains a business relationship.
4. People Should Be Cautious about Crypto Investing, Says Lord Hammond
Hammond said that crypto investing is not suitable for retail investors.
He previously served as the UK Chancellor of the exchequer.
Lord Hammond, a British politician and former UK Chancellor of the exchequer, has urged crypto investors to remain cautious about their investments. According to him, crypto is not suitable for retail investors as a mainstream investment category.
5. Binance Gains In-Principal Approval from Bahrain Central Bank
It is the first regulatory nod received by the exchange in the MENA region.
The exchange is now pushing to gain a full license.
Binance announced on Monday that it has received in-principal approval from the Central Bank of Bahrain (CBB) to operate as a crypto-asset service provider in the Kingdom of Bahrain.
6. Crypto India: Swadeshi Jagran Manch (SJM) demands absolute ban on crypto
The Rashtriya Swayamsevak Sangh (RSS) affiliated Swadeshi Jagran Manch (SJM) passed a resolution yesterday, calling for an absolute ban on cryptocurrencies in India. SJM, that had formerly been in news for levying Amazon as “East India Company 2.o”, is known for its radical suggestions to improve the Indian economy.
This time around they demanded that the government should “outrightly ban buying, selling, investing and otherwise dealing in cryptocurrencies by any person resident in India”. However, they noted that the authorities may grant a short buffer period for investors to sell or exchange their cryptocurrencies, subject to the condition that they submit information to the Income-Tax authorities
Although there is no official information about this, it is estimated that about 20 million people have put their money in cryptocurrencies. People [mostly youth] of small and big cities and even villages are getting attracted towards it, because they feel that they can get quick profit by putting their money in it”.
